19 replies to this topic

[stocks]

California is Greece, but with capital gains

A down stock market will quickly implode the California state budget.

California passed Proposition 30 in late 2012, just as Silicon Valley tech stocks exploded higher and hundreds of companies went public. Residents of the Golden State saw their top marginal tax rate jump by 33%. California capital gains are taxed at the same rates as income, up to 13.3 percent.

California tax collection through April was up $10 billion for the first 10 months of the fiscal year, mostly due to capital gains taxes. Collection of capital gains taxes jumped from $4.7 billion in 2010, to 11.9 billion last year, and could hit $15 billion this year. But this one-time tax is highly volatile, falling from $10.9 bilion in 2007 to $2.3 billion in 2009. Consequently, a down stock market will quickly implode the California state budget.


http://www.breitbart...-capital-gains/

[stocks]

More than half of the new driver’s licenses issued in California during 2015 have gone to illegal immigrants.

http://www.breitbart...gal-immigrants/


San Francisco deputies attack their sheriff for the Steinle murder.

In the merry-go-round blame game being played by San Francisco officials as to which party is responsible for letting loose illegal immigrant Juan Francisco Lopez-Sanchez, who murdered Kathryn Steinle on July 1, the latest salvo comes from San Francisco sheriff’s deputies, who filed a complaint against Sheriff Ross Mirkarimi.


http://www.breitbart...steinle-murder/

The family of Kathryn Steinle — the woman whose shooting death sparked a national outcry over illegal immigrant crime — is filing a lawsuit against local and federal officials over her murder, according to reports.

Steinle family is slated to file the suit Tuesday and it will name San Francisco Sheriff Ross Mirkarimi, Immigration and Customs Enforcement (ICE) and the U.S. Bureau of Land Management



http://www.breitbart...-fed-officials/

[stocks]

The blue-ribbon Los Angeles 2020 Commission recently looked at the economic viability of the city and the prospects over the next five years.

The L.A. 2020 Commission’s report revealed that the City of Los Angeles:

- is the only major metropolitan areas in the U.S. to show a net decline in jobs over the past two decades;
- struggles with chronic budget shortfalls and as a result has dramatically cut services and investment in infrastructure;
- has too many people living in poverty due to unemployment and low wages;
- has a city power and water company with extremely high utility rates;
- has seen its port’s handling of total U.S. goods drop over 5 percentage points in the last 10 years;
- has seen spending on pensions grow from 3% to 18% of budget in the last 12 years;
- is very unattractive for any employer to locate large numbers of workers; and
- has terrible public education.


http://www.breitbart...inancial-loser/

[stocks]

The Kersten Institute

just published a warning that a fiscal storm will arrive in the next few months as new Government Accounting Standards Board (GASB) pension and benefit accounting standards push “potentially hundreds of California agencies to the brink of balance sheet insolvency,” causing Moody’s credit rating service to issue a massive number of “junk” downgrades and threaten “another wave of municipal bankruptcies in California.”

California agencies granting higher life-time health and welfare benefits have “gone unmitigated for so long that public agencies are now at a major cross-roads where they either need to bring them in-line or face the decimation of all other public programs and services, and even municipal bankruptcy.”



http://www.breitbart...-of-insolvency/

Edited by stocks, 18 September 2015 - 10:32 AM.

[stocks]

California has failed to upgrade its flood control dams to prepare for El Niño

Despite the enormous risk for death and destruction from El Niño storm systems, California’s legislature has failed to prioritize investing sufficient money to maintain the state’s flood control dams and infrastructure.

The New York Times Magazine warned in 2011: “Scientists consider Sacramento–which sits at the confluence of the Sacramento and American Rivers and near the Delta–the most flood-prone city in the nation.” The article explained that many experts worry that a violent Pacific super-storm could destroy the city’s levees and spur a mega-flood that could wreak untold damage on California’s capital region.

Of the ten costliest years for flooding in California since 1950, four have happened during a season when there was a strong El Niño. The worst single El Niño storm lasted from December 26 through January 3, 1997 and dumped over 20 inches of rain in some locations. Hundreds of thousands of people were forced to evacuate, and the state suffered about $1.8 billion in damages.

The second most expensive and deadliest storm system was the El Niño that slammed California with nearly continuous flooding, mudslides, and agriculture disruptions for the month of February in 1998. California’s average rainfall that month totaled 21.74 inches, breaking the all-time-record of 17.33 inches, which had stood since 1867.


http://www.breitbart...s-greater-risk/

[stocks]

1268 small cities are rated from best to worst.

The 20 worst small cities were all located in California.

Overall Rank
City
Overall Score
‘Affordability’ Rank
‘Economic Health’ Rank
‘Education & Health’ Rank
‘Quality of Life’ Rank

1247 Merced, CA 32.63 968 1226 1222 815
1248 Los Banos, CA 32.61 766 1253 1120 1126
1249 Montebello, CA 32.55 1173 1003 1188 1066
1250 Soledad, CA 32.35 876 1252 1211 978
1251 Desert Hot Springs 32.32 981 1231 1183 1017
1252 Bellflower, CA 32.31 1188 999 1181 1048
1253 Wasco, CA 32.24 734 1247 1215 1175
1254 Rosemead, CA 31.87 1191 1138 1201 828
1255 National City, CA 31.55 1192 1077 1230 899
1256 Hawthorne, CA 31.21 1241 969 1232 824
1257 Baldwin Park, CA 30.82 1001 1178 1261 1144
1258 Perris, CA 30.73 718 1233 1264 1173
1259 Paramount, CA 30.65 1148 1126 1262 1037
1260 Delano, CA 30.09 809 1255 1267 1070
1261 Watsonville, CA 29.50 1174 1227 1254 856
1262 South Gate, CA 29.12 1123 1196 1265 1133
1263 Maywood, CA 29.06 1214 1170 1253 1023
1264 Lynwood, CA 29.00 1131 1209 1266 1085
1265 Compton, CA 28.63 1032 1235 1263 1184
1266 Bell Gardens, CA 27.76 1228 1192 1250 1117
1267 Huntington Park, CA 27.59 1216 1218 1268 872
1268 Bell, CA 26.78 1215 1249 1238 1135



https://wallethub.co...-live-in/16581/

[stocks]

The Late Great State of California

The state budget depends on capital gains. A bear market will implode state finances.

The middle class has been driven out and replaced with aliens, legal and illegal.

What will be left when the teckno-toy bubble bursts?

 

 

The collapse of California has begun!

 

California’s 2015-16 personal income tax collection has fallen from a huge surplus to a $147 million deficit. The cause appears to be plummeting Silicon Valley capital gains and weakening tech employment.

 

With a “structural deficit” relying on $16 billion in capital gains taxes to balance the budget, Breitbart News warned last June, “California will be as broke as Greece if the stock market ever tanks again.”

 

Like gamblers on a hot streak who lost all sense of reality, California’s legislature doubled down on vote-buying social welfare spending.

 

 

 

http://www.breitbart...ins-to-crumble/

[stocks]

LA Times: L.A. Is Resegregating

 

Some of America’s most racially integrated neighborhoods and cities are on a path to becoming segregated all over again. In Los Angeles this means neighborhoods where Latinos and Asians now live alongside black or white neighbors may have few to no whites or blacks in 10 to 20 years.

 

 

 

http://www.unz.com/i...jor-reason-why/

 

[stocks]

California high-speed rail wins "golden fleece" award.

 

The California High-Speed Rail Authority won the Independent Institute’s first California Golden Fleece Award for its lack of transparency and a history of misleading the public

 

 

http://www.breitbart...n-fleece-award/

[stocks]

San Francisco residents are so fed up with the paralyzingly high rent and the horrendous traffic conditions that approximately 34 percent of them reportedly want to leave.

 

According to a new survey conducted by the Bay Area Council, the 34 percent of Bay Area residents who are considering leaving are individuals who have lived there for five or fewer years. Along with that potential exit comes the loss of the region’s middle class.

 

As of February 2016, average apartment rent within 10 miles of San Francisco clocks in at a staggering $3,770, with a one-bedroom apartment going for around $3,096.

 

 

http://www.breitbart...xpensive-costs/